BEST CORPORATE LIABILITY MANAGEMENT

The union, christened
Fibria, had solid operations and was the worlds largest
pulp producer, but faced a massive task to refinance the 45% of
total debt that was coming due 2010-2011.

In all, Fibria faced $2.1
billion in derivative prepayments and $1.5 billion in other
refinancing needs. It would tackle these through the sale of
its Guaíba mill to Chiles CMPC for $1.43 billion,
a five and seven-year pre-export facility totaling $1.15
billion, and $1.00 billion in new 10-year bonds. Santander
advised the buyer on the sale closed in December 2009.